Etaireia Investments Plc
LSE : ETIP

August 17, 2016 02:30 ET

Acquisition of Commercial Property Investment

                                                                        17 August 2016

                                      ETAIREIA INVESTMENTS PLC
                                    (Etaireia" or the "Company")

                            Acquisition of Commercial Property Investment

The  Directors of Etaireia are pleased to announce that the Company has completed the acquisition  of
100%  of  the share capital of Pacha Cleator Limited, a single purpose company that owns  a  freehold
commercial property investment. The property at 5-6 High Street, Cleator Moor, Cumbria, CA25 5AH  has
been recently valued by at £182,000. A tenant has recently agreed a 10 year lease rental for the  sum
of £20,000 p.a.

The purchase price of £182,000 has been satisfied by the issue of 203,076,923 new ordinary shares  of
0.01p  each,  at a price of 0.0065p per new ordinary share and £50,000 cash consideration.  The  cash
consideration has been deferred for 12 months.

Baron Bloom was previously a shareholder and Director of a company called Pacha Properties Ltd, which
owned  the  property prior to its recent transfer. He is not a beneficiary of the sale proceeds.  The
independent  directors have evaluated the deal, including instructing a RICS valuation  and  consider
the  property  an excellent addition to the existing property portfolio, enhancing the balance  sheet
and anticipated to provide income to the company.

Equity Subscription and Share Options

Etaireia  is  pleased to announce that the Company has raised £35,000 by way of  a  subscription  for
38,888,889  new  ordinary  shares of 0.01p each, at a price of 0.09p  per  new  ordinary  share  (the
"Subscription").  The  new funds raised will be used to implement the Company's  investment  strategy
which  is focused on the property and real estate sector. In addition, the Company has granted  share
options to Mr Babak Shirazi over a total of 333,333,334 Ordinary Shares at an exercise price of 0.09p
("Exercise  Price") per share ("Options"). The Options are exercisable in whole or in  part,  at  any
time up to and including 9 April 2019. Assuming full exercise, the Ordinary Shares, which are subject
to the Options, represent approximately 18.23% of the Company's fully diluted share capital.

Board Changes

The  Company  announces that due to other business commitments, Philip McGinlay, the Company's  Chief
Executive Officer and, James Kirkwood, the Company's Directors are unable to dedicate their  time  to
Etaireia  and  consequently are stepping down from their role of Directors and the  Board,  effective
from  the end of August 2016. The board would like to thank them for their support during their  time
with  the  Company  and  wish  them well in their other ventures. The  board  have  agreed  to  issue
28,036,667  new ordinary shares to Philip McGinlay in lieu of unpaid salary, representing £25,233  at
0.09p  per  new ordinary share and the issue of 21,095,556 new ordinary shares to James  Kirkwood  in
lieu  of  unpaid  salary representing £18,986 at 0.09p per new ordinary share. The current  Directors
will handle the duties of both Directors in the interim.

Issue of Equity

The  Company  announces  that  3,333,333 new ordinary shares of  0.01p  each,  have  been  issued  to
Peterhouse  Corporate  Finance Limited, representing £3,000 at 0.09p  per  new  ordinary  share  and,
6,666,667 new ordinary shares of 0.01p each, have been issued to Alexander David Securities  Limited,
representing £6,000 at 0.09p per new ordinary share in lieu of fee payments.

The Company announces that 2,000,000 new ordinary shares of 0.01p each, have been issued to Mousehoff
Limited,  representing  £5,000  at 0.25p per new ordinary share, in lieu  of  payment  for  marketing
services.

Following the issue of the new shares above, the issued share capital of the Company will increase to
1,828,505,510 ordinary shares of 0.01p each.  The new ordinary shares shall rank pari passu  wih  the
Company's existing ordinary shares.

The following parties have an interest of more than 3% in the shares of the Company:

                                                    Number of Shares                % Total
Castle Trust & Management Services Limited          459,190,692                      25.11%
Oliver Fattal                                       308,076,923                      16.85%
Mayer Management Limited                            145,000,000                       7.93%
WB Nominees Limited                                 120,860,000                       6.61%
Baron Bloom                                         115,000,000                       6.29%
JIM Nominees Limited                                113,094,467                       6.19%
SVS (Nominees) Limited                               80,696,000                       4.41%
Redmayne (Nominees) Limited                          60,398,400                       3.30%
Ronald William Dougall                               58,000,000                       3.17%
Asset Trust Savings Nominee Limited                  54,977,929                       3.01%

Shareholders  may  use the above figure as the denominator for the calculations by  which  they  will
determine  if  they are required to notify their interest in, or a change to their interest  in,  the
share capital of the Company under the Disclosure and Transparency Rules.

The Directors of the Company accept responsibility for this announcement.

ENDS

Enquiries:
Etaireia Investments Plc
Tel:  079 1756 5565
Baron Bloom, Chairman

ISDX CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Institutional Sales
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com  49 Queen Victoria Street, London EC4N 4SA


Contact Information

  • Etaireia Investments Plc